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Air Arabia approves 10% cash dividend after record results

Air Arabia witnessed a strong fourth quarter, in which profit surged 177 percen

By Shayan Shakeel

Wed 14 Mar 2018 09:25 AM

Air Arabia’s board has approved a 10 percent cash disbursement of 10 fils per share after the Sharjah-based pan-Arab airline posted a record year of profits.

The only publicly listed airline in the UAE posted full year 2017 net profit of $180 million (AED 662m), up 30 percent from last year. The year’s figures are the first time since 2014 that the airline has managed to reverse a downward trend in profitability.

The airline witnessed a strong fourth quarter, in which profit surged 177 percent to $7m (AED26m). Turnover in 2017 remained as in previous years, at $1 billion (AED 3.74bn).

In an industry that has proven turbulent for Middle East carriers over the past few years, the results leave the airline “strongly poised to overcome any challenges”, said Sheikh Abdullah bin Mohammed Al Thani, chairman of Air Arabia.